For Sale by Owner News and Articles

About Credit Reports

What's a Consumer Credit Report?A consumer credit report is an objective record of an individual's credit payment history. Credit grantors are permitted by law to review your credit report to objectively determine whether to grant you credit. There are 190 million credit active people in the United States who have a charge account, car loan, student loan, or home mortgage. As these people pay their bills, most lenders report credit payment history information to credit bureaus. So most of the information in your consumer credit report comes directly from the companies with which you do business. The best way to verify the accuracy of that information is to get your own report.What does a credit report contain?A consumer credit report contains four types of information -- identifying information, credit information, public record information, and inquiries.Identifying information -- includes your name, current and previous address, Social Security Number, telephone number, date of birth, and current and previous employer.Credit history -- includes your history of paying bills with credit grantors such as retail stores, banks, finance companies, and mortgage companies.Public records -- includes items that may affect your creditworthiness, such as tax liens, judgments, bankruptcies, etc.Inquiries -- Lists identifying the credit grantors and other authorized parties who have received your credit report. Inquiries also contain lists of the companies that receive your name and address information for the purpose of offering you credit.What doesn't it contain?Your consumer credit report does not contain information about your race, gender, national origin, religious preference, medical history, personal lifestyle, checking or savings account information, personal background, political preference or criminal record.Accepted or rejected applicationsYou have the right to know whether your application for credit was accepted or rejected within 30 days of filing it. And you have the right to know why it was rejected. The creditor must either immediately give you the specific reasons why your application was rejected or provide you with the reasons if you ask the creditor within 60 days.Requirements for accessing credit reportsTo guard against abuse and to protect your privacy, all businesses must meet certain requirements before they are allowed to access credit information.Where does iCreditReport.com get my credit report?iCreditReport.com supplies your credit report directly from Experian. Experian, currently, is the only credit bureau permitting immediate and secure Internet delivery of credit reports. Equifax and Trans Union might introduce a similar delivery system soon.Is this secure?Yes. iCreditReport.com has passed Experian's rigorous screening system and can deliver credit reports in a secure, timely manner to consumers. Advanced systems, with firewalls, secure servers, advanced telecommunications and continuous security monitoring, make sure that your credit reports are safe. iCreditReport.com never stores your credit report and truncates all account and social security numbers when displayed on your browser. (See Security at iCreditReport.com for more information.)The Credit Reporting SystemThe modern credit reporting system helps credit grantors approve loans and credit in minutes. The system provides continuously updated information to make fast, accurate decisions dealing with almost all consumer credit transactions. The credit reporting system benefits everyone. Consumers with a credit record reflecting prompt payment find it comparatively easy to open new or expanded credit lines. The credit reporting system:Opens new opportunities to obtain creditSpeeds credit decisionsMakes our credit-based economy possibleWhat creditors look forCreditors review credit applications primarily in relation to risk. They consider information such as your income, how long you have lived at your current address, what kinds of assets you have, the balances in your checking and savings accounts, your promptness in paying bills, how long you have been working for the same company, and how much you owe other creditors. In deciding whether to grant a loan, creditors make a judgment about the credit worthiness and potential risk of each applicant. Use our Credit Analyzer to get an idea of your own risk.Fair Credit Reporting ActThe Fair Credit Reporting Act, or the FCRA, protects your rights as a credit-active consumer. The law, which became effective in 1971, places limits on who may see a copy of your credit report. While you may request a copy at any time, no one else may legally review your report unless they intend to conduct a credit transaction, make an employment decision or underwrite insurance. Your credit report may also be reviewed in response to a court order or federal grand jury subpoena. Anyone who knowing and willfully obtains a credit report under false pretenses may be fined up to $5,000 and imprisoned for up to one year.

This site uses cookies to store information on your computer. Some are essential to making our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our Privacy Statement to learn more.

1. Owners.com Buyer Rebate Program Terms and Conditions. (A) To participate in the Owners.com buyer rebate program (the "Program"), a buyer must not currently be represented by another licensed real estate professional and buyer must execute a brokerage agreement with Owners.com on terms and conditions satisfactory to Owners.com. Participation is also limited to buyers able to demonstrate qualification to purchase the desired property by providing proof of funds and/or a pre-qualification letter from a bank satisfactory to Owners.com in its sole discretion. (B) For eligible properties, Owners.com will rebate to the buyer 50% of the buyer's agent brokerage commission received by Owners.com at closing. (C) Program rebates are only available in the states of CA, FL, GA, IL, MA, OH, PA and TX and is limited to properties for which Owners.com is not engaged as the listing (seller-side) broker. A property's eligibility for participation in the Program will be determined in the sole discretion of Owners.com and may be subject to a minimum sales price, minimum commission requirements and the property not being a short sale. If a specific property is included for participation in the Program, Program details will be displayed on that specific property's details page on Owners.com. (D) Participation by a buyer in the Program is optional. (E) Payment of rebates under the Program will not be made where prohibited by law. (F) Payment of a rebate under the Program shall be disclosed by buyer to all parties to the transaction, including, without limitation, the seller, any lender and any other real estate broker. (G) For transactions involving a lender, payment of the rebate shall be made via a credit to buyer at closing shown on the HUD-1 or other settlement statement and the amount and acceptability of the rebate is expressly subject to review and approval of buyer's lender. For "cash" transactions not involving a lender, payment of the rebate may be made by a check to buyer on or after closing or via a credit to buyer at closing shown on the HUD-1 or other settlement statement. (H) Consult your accounting, legal or tax advisors regarding proper treatment of any rebate. (I) Owners.com reserves the right to modify the terms and conditions of the Program at any time by modifying the Owners.com Terms of Use; however, no such modification shall amend the terms or any existing brokerage agreement between a buyer and Owners.com unless such modification is required by law.

2. Services available if Owners.com is retained as the buyer's agent and are only offered in CA, FL, GA, IL, MA, OH, PA and TX and is limited to properties for which Owners.com is not engaged as the listing (seller-side) broker.

Fair Housing and Equal Opportunity REALHome Services and Solutions, Inc. is a real estate brokerage licensed to do business in 49 states and the District of Columbia and has registrations to do business under the name “Owners.com” in several states including CA, FL, GA, IL, MA, OH and TX. A list of our licenses is available here.Mortgage rates and solicitations are offered by Altisource Fulfillment Operations, Inc or its dba Owners.com Loans, unless otherwise indicated to be from Informa Research Services, Inc. Altisource Fulfillment Operations, Inc is a licensed mortgage broker, NMLS Unique Identifier #415033. A list of current state licenses and disclosures can be found here.TREC: Information About Brokerage Services, Consumer Protection Notice.